Longer life expectancies are increasing the demand for medical devices. In the U.S. there are 76 million baby boomers and the number of Americans age 65 or older will double over the next 30 years.
And baby boomers have already started to make an impact. With more active lifestyles than past generations and the ease of accessing information and reviews online, baby boomers are more willing to try medical devices than ever before.
The baby boomer generation could provide opportunities for growth, but also future legal worries, as they fear the potential risks from long-term use of medical devices.
So how will the U.S. be able to provide excellent and innovative healthcare and support while keeping costs low?
By utilizing mobile healthcare (mHealth) apps, some patients can track their own health conditions and communicate with doctors to potentially alleviate unnecessary patient visits. And 90% of MDs have already said that digital health devices will become an important part of their practice.
The Medical Device Excise Tax, a 2.3% tax levied on medical devices sold in the United States to help fund the Affordable Care Act is lowering profit margins. To succeed in this higher-volume, lower-margin environment, device companies will need to streamline internal processes, including quality management processes that continue to reduce costs and increase efficiency.